TA: Bitcoin Remains At Risk, Why BTC Could Nosedive Below $38K
03 Agosto 2021 - 5:08AM
NEWSBTC
Bitcoin price struggled to recover above $40,000 and extended its
decline against the US Dollar. BTC could dive below $38,500 if it
continues to stay below $40,000. Bitcoin extended its decline below
the $40,000 and $39,200 support levels. The price is now trading
well below $40,000 and the 100 hourly simple moving average. There
is a major bearish trend line forming with resistance near $39,250
on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must break $39,250 and $40,000 to start a fresh increase
in the near term. Bitcoin Price is Struggling Bitcoin price started
a fresh decline from well above $42,000 level. BTC broke the key
$40,500 support level to move into a short-term bearish zone. The
price even settled below the $40,000 level and the 100 hourly
simple moving average. It even broke the $39,200 support zone and
traded as low as $38,711. The price is now consolidating gains
above the $38,700 level. An initial resistance is near the $39,250
level. There is also a major bearish trend line forming with
resistance near $39,250 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $39,600 level. It is close
to the 23.6% Fib retracement level of the recent decline from the
$42,630 swing high to $38,711 low. Source: BTCUSD on
TradingView.com The main resistance is now forming near the $40,500
level and the 100 hourly simple moving average. It is near the 50%
Fib retracement level of the recent decline from the $42,630 swing
high to $38,711 low. If there is an upside break above the trend
line and then $40,000, bitcoin could rise towards $40,500. The next
major resistance on the upside is near the $41,200 zone. More
Losses in BTC? If bitcoin fails to climb above the $39,250 and
$40,500 resistance levels, it could continue to move down. An
initial support on the downside is near the $38,700 level. The
first major support is now near the $38,500 zone. A clear downside
break below the $38,500 support might encourage the bears for more
losses. The next major support is near the $37,000 zone. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now well below the 50 level. Major Support Levels –
$38,500, followed by $37,000. Major Resistance Levels – $39,250,
$40,000 and $40,500.
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Apr 2023 a Apr 2024